Smart Settlement Guide

WA Property Settlement Process

Settlement is simpler than it sounds. This guide walks you through the WA-specific process from contract to keys.

Property settlement moment - keys being handed over to new homeowners

30-90

Days typical settlement period in WA

8-12

Stakeholders typically involved

$22k

Average savings with modern agents

The Settlement Reality Most Agents Won't Tell You

Settlement is the actual legal transfer of your property — not some mysterious process controlled by your agent. While most real estate agents want you to believe they're managing this critical phase, settlement is handled by licensed settlement agents and is completely outside traditional agents' control or responsibility.

What This Means for You

You're already capable of understanding and managing this process with proper guidance. KeyHive's modern agents enhance your capability by coordinating the settlement ecosystem while keeping you informed and in control — because you deserve transparency about what's actually happening with your property.

Your Control: Property decisions, finance approval, insurance

Settlement Agent: Legal document preparation, funds transfer

KeyHive Enhancement: Coordination, communication, professional guidance

Your Settlement Journey

A professional's guide to the settlement timeline. Each phase designed for capable decision-makers who value transparency and control.

Phase 1: Pre-Settlement Setup

Days 1-7 after contract signing

Critical Phase

Your Smart Actions

Engage settlement agent (conveyancer or solicitor)
Organise building & pest inspections
Submit finance application if required
Review contract terms with professional guidance

Helpful Tip

Coordination during these first steps is critical. Create a checklist to track each item and keep all parties informed of progress and key decisions.

Phase 2: Due Diligence & Verification

Days 8-21 - Investigation period

Active Phase

Property Checks

• Building inspection report
• Pest inspection clearance
• Title search verification
• Strata report (if applicable)

Financial Verification

• Loan approval confirmation
• Valuation by lender
• Settlement funds calculation
• Stamp duty assessment

Legal Review

• Contract compliance check
• Special conditions review
• Vendor disclosure verification
• Settlement statement prep

Important: This phase determines your ability to complete the purchase. Track every deadline carefully and respond to requests promptly.

Phase 3: Pre-Settlement Coordination

Days 22-35 - Final preparations

Coordination Phase

Settlement Preparation Checklist

Settlement statement reviewed & approved

Bank cheque/electronic transfer arranged

Insurance policy activated from settlement date

Final property inspection scheduled

Stay Organised

Settlement involves many moving parts. Use these strategies to stay on top of the process.

Create a shared document tracking all tasks and deadlines
Set calendar reminders for each key date
Keep contact details for all parties in one place

Phase 4: Settlement Day

Day 35-45 - The big day arrives

Final Phase

Settlement Day Timeline

9:00 AM - Final Inspection

Verify property condition matches contract

10:30 AM - Settlement Agent Review

Final document check and fund confirmation

12:00 PM - Settlement Exchange

Keys and documents exchanged, funds transferred

2:00 PM - Congratulations!

You're officially a homeowner

Smart Homeowner Checklist

Insurance Active

Coverage begins at settlement time

Utility Connections

Electricity, gas, water transferred

Council Rates Notice

Update address with local council

WA-Specific Settlement Requirements

Western Australia has unique settlement laws and procedures. Here's what every capable homeowner should know.

Mandatory Vendor Disclosures

Real Estate and Business Agents Act 1978

WA legislation requiring disclosure of known defects and material facts

Building & Pest Inspection Rights

Minimum 5 business days for professional inspections

Strata Title Disclosure (If Applicable)

Strata company records and financial statements

WA Settlement Procedures

Settlement Agent Required

Licensed professional must handle the settlement process

Trust Account Protection

Deposit held in licensed agent's trust account until settlement

Electronic Settlement Available

PEXA (Property Exchange Australia) for digital settlements

Settlement Costs Breakdown

Transparent pricing for informed decision-making. No surprises, just professional guidance.

Traditional Agent Settlement

Typical costs with traditional real estate agents

Settlement agent fees$800 - $1,200

Agent commission (2.44% + GST)$20,545

Marketing costs$3,000 - $5,000

Coordination overheadHidden in commission

Total Settlement Cost$21,970 - $24,370

KeyHive Modern Agent Settlement

Professional service with transparent pricing

Licensed agent service$4,000

Settlement agent coordinationIncluded

Marketing (at cost)$2,000

Process conciergeIncluded

Total Settlement Cost$10,000

Your Savings$11,970 - $14,370

Common Settlement Challenges & Solutions

Smart preparation prevents problems. Here's how capable homeowners stay ahead of issues.

Finance Delays

Bank approval delays are the #1 cause of settlement postponements.

Submit complete application early

Respond to lender requests immediately

Have backup finance pre-approved

Title Complications

Title searches occasionally reveal easements, caveats, or encumbrances.

Order title search early in process

Review with settlement agent promptly

Address issues before settlement date

Property Condition

Changes to property condition between contract and settlement can cause disputes.

Document property condition thoroughly

Schedule final inspection before settlement

Address issues immediately if found

Have Questions About Settlement?

We're happy to help you understand the process better.

Loading...

Please wait while we prepare your content